You are here: Home » Finance » News » Banks
Business Standard

Follow standard operating procedures to check frauds: CVC tells banks

Various banks reported 4,851 cases of fraud involving about Rs 23,902 crore during 2016-17

Press Trust of India  |  New Delhi 

Central Vigilance Commissioner

on Tuesday laid emphasis on adherence to (SOPs) by to check frauds.

Addressing an event here, he said in the last two years or so the had been in the news for the wrong reasons.


"have lost a lot of money. When I say have lost the money that means the nation has lost a lot of money and public in turn has lost a lot of money. have been in a bad light," Chowdary said.

He said while some large frauds are very well-planned ones, the small ones were not that well-planned.

"Some say automation is the best way to prevent a fraud. I think automation is the solution provided it is automated in the right sense. So bring a preventive mechanism. You need to be a thief. You need to know where the system can be manipulated," Chowdary said, inaugurating a conference on financial frauds organised by Anti-Corruption Academy, a private organisation.

The need for preventive vigilance or what we call is very important, he said, referring to frauds in

Chowdary said there was a need to skill accountants and other people associated with the banking sector to help them check frauds.

Various reported 4,851 cases of fraud involving about Rs 23,902 crore during 2016-17, according to a reply given by the ministry in Parliament in July this year.

First Published: Tue, October 24 2017. 15:52 IST
RECOMMENDED FOR YOU